The
Government of Andhra Pradesh’smaiden two-day (9 and
10 March) initiative, #SpringConference 2017 concluded as a spectacular success
with 300 Indian and international participants attending the event. Global corporations,
governments and academia, along with thought leaders, entrepreneurs, artists
and visionaries have come together in this valley to build capacity,
infrastructure, market access, connectivity, funding channels, and incentive
mechanisms nurturing a ‘fintectonic’ culture that disrupts traditional models
of business and sets a platform for innovation and growth. Prize money of INR 5
Lakh and one year free office space was provided in the Fintech Tower in Vizag to
Start-up challenge winners.

Hon’ble Chief Minister of
Andhra Pradesh, Shri Nara Chandrababu Naidu interacted with delegates for an hour over
video conference and took inputs from fintech community present at the Spring
Conference. He will chair The Fintech Valley Forum setup to focus on various
aspects of the ecosystem creation. While addressing the gathering he said, “The
Fintech Valley Spring Conference is our step in joining the Fourth Industrial
Revolution which is a spectacular combination of technology and Internet of
Things (IoT). In recent times, technology has started influencing our lives in
a comprehensive manner. The demand for Fintech is growing each day. To meet
this demand, we would need the support from Fintech and Cyber security
companies. We also need the academic institutions to adapt curriculum that
trains individuals to contribute to fintech sector. I extend my best
wishes for the success of the initiative and hope it provides multiple
opportunities to meet the futuristic requirements of our country and the global
economy at large.”

Special Chief Secretary and IT Advisor to the AP Chief Minister,
Mr. J. A. Chowdary, thanked the gathering for reposing their faith in this
initiative and said, “This two day conference was a success in encouraging the
spirit of the fintectonic culture. We intend to build on this momentum and
leverage it to generate employment that meets new demands of the global
economy.”

An informative workshop
segment was led by Mr. Balasubramaniam, Chief Executive Officer - E-Pragati on
e-governance & sandbox opportunities with the government. Addressing the
gathering over video conference, Mr. J
Satyanarayana, UIDAI chairperson and former IT Secretary exclaimed, “Though
our current ecosystem is well established having our welfare programs linked to
Aadhar, we are trying to expand our current portfolio consisting of 72 projects.
The Andhra Pradesh – E-pragati portfolio is a strong foundation for fintech and
I am convinced thatVizag will vibrate with the fintech mantra in
the months to come.”

“In India, there isn’t a
problem with talent but with having the right attitude. Culture tends to eat
strategy for breakfast. There is a need to create a shift in the mindset and to
look at things differently. For this, I would propose the 3D’s -
Digitalization, Differentiation and Disruption,” quoted Ms. Latha Ayyar, Special
Representative for IT and Innovation to Government of Andhra Pradesh and COO,
Bharti AXAat a panel discussion
titled ‘Disruption in Insurance Value Chain - Role of Insurtech.’ Also
contributing to this panel discussion in making insurance relevant to millennials
and widening the insurance consumer market were Mr. Thomson Thomas, Chief
Distribution Officer, HDFC Life; Mr. Girish Nayak, Chief of Operations and
Technology, ICICI Lombard; Mr. Shwetank Verma, Director Collab (Open
Innovation), MetLife; Mr. Shashwal Sharma, Partner KPMG and Mr. Varun Dua, Co-founder,
Coverfox.

There were three insurance challenges
by corporate partners HDFC Life, ICICI Lombard and Bharti AXA. The overall
winner in insurance category was declared as iProov. In the Banking Category,
for the ICICI Bank Start-up Challenge 2017, Kyriba & Nimbuzz won relating
to payments and remittances. In the Capital Market Category, the Angel Broking
Start-up Challenge 2017, involving real-time social profiling of customers was
won by Hello Soda & Blueocean.

Contemplating ways in which
Blockchain is transforming the future of Financial Services infrastructure, an
interactive panel comprised of Mr Akshay Dhanak, Vice President, Business
System & Technology, HDFC Life; Sudin Baraokar, Head of Innovation, SBI; Ms
Rachna Nath, Partner, KPMG; Mr Vinay Agarwal, CEO, Angel Broking; Mr Paul
Kitti, Co-founder, TenX and Mr Hitesh Sarda, Director, Value Labs. The speakers
pondered on actions that can be initiated by institutions for reinventing
themselves and jointly agreed that industry start-ups that develop the
sentiment of trust would instigate disruption. The panelist also took inquisitive
questions asked by the audience and shared their excitement for the fintech
valley hackathon to be held later in the year. KPMG is the knowledge partner
for Fintech Valley Vizag Spring Conference 2017.

To encourage multi-disciplinary
thinking that adds greater expressiveness and meaning to the fintech culture, the
‘finteract’ series - comprising of interlinking dialogues that connect to
fintech and innovation - was launched. Mr. Nitin Saluja
Founder, Chaayos; Dharmil Sheth, Founder, PharmEasy and Ms. Priyanka Agrawal,
renowned design thinking UI-UX were the key presenters of ‘Finteract, March
2017.’ Finteract is curated and created by Adfactors XD.

The first Fintech Valley
Vizag Spring Conference offered a gateway to enter a sustainable fintech
ecosystem and to contribute in nurturing a fintectonic culture of disruption,
innovation and altering conversations.

About Fintech Valley
Vizag

The Fintech Valley brings
together public and private players, state of the art incubators and
accelerators, innovation labs, mentorships, angel investors and anyone willing
to break free from traditional processes. The self-sustained global Fintech
Ecosystem provides more than just access to Fintech and its innovators; it
nurtures an oasis in which cyber security, block chain, digital education and
research thrive at international standards. The Fintech Valley was built to
equip individuals and businesses with a unique set of opportunities to grow
through enabling market access for start-ups to angel investors, and providing
world-class infrastructure, funding, human capital and innovation.

Driven by Chief Minister Nara Chandrababu
Naidu’s vision to create 5 lakh jobs in Andhra Pradesh by 2020 through
technology-enabled services, the recently established Fintech Valley is a
playground for start-ups and innovators looking to disrupt traditional business
processes. Vizag is set in the #1 ranked state for ease of doing business
and boasts a strong IT industry with a turnover of Rs. 2,000 crore, supported
by a robust industrial base and educational infrastructure that is continuously
expanding. Fintech Valley is the destination in India to achieve unmatched
business goals and successes that can compete internationally.